BitMex hit with $300 Million lawsuit

The founder Arthur Hayes of one of the world’s most popular cryptocurrency exchanges, Bitmex is sued for $300 million for snubbing an early investor.

Frank Amato and RGB Coin Ltd. claims to have been the first seed investor of BitMex in 2015. The $30,000 investment whose current value is around $50 million, was later supposed to be converted into equity and they didn’t get that they sued the company and its owner. According to Amato, Bitmex which has employees in California and is registered in the Seychelles gave him incorrect information which led them to this conclusion.

The superior court in San Francisco stated the suit on December 4, 2019 which required an immediate response from the Bitmex but the company didn’t return the request for comment immediately.

Both companies (Amato and RGB Coin) want to regain the value of their equity, more than $50 million, and $250 million in punitive damages. The estimated value of the stake is said to be now valued at about $1 billion.

According to a LinkedIn profile, Amato is a former JPMorgan Chase & Co. commodity derivatives trader while Hayes was formally a derivatives trader at Citigroup Inc. and Deutsche Bank AG.

Recent Posts

Bitcoin is not a good option for criminals, says former CIA Director in a new report

Bitcoin is not really being used in money laundering operations. And considering the fact every transaction is recorded on the…

14 hours ago

“caged bull” Bitcoin breaks into a new all-time high of almost $63,000

Just a day after Bloomberg analyst Mike McGlone called Bitcoin a “caged bull, well rested to escape”, the latter seemed…

17 hours ago

Ripple files motions to dismiss lawsuit as XRP blasts to new three-year high

Just before the weekend, Judge Sarah Netburn ruled that Ripple executives Brad Garlinghouse and Chris Larsen’s did not have to…

18 hours ago

Cardano, more than a hedge against Ethereum?

In a new video on the popular YouTube channel ‘Coin Bureau’, host Guy shares his thoughts on Cardano and the…

19 hours ago

Revolut brings eleven new Crypto assets to its platform

On Thursday, London-based digital payments firm Revolut announced that it had just added eleven new crypto assets to its banking…

1 day ago

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

3 days ago